As a life sciences company you’re naturally concerned with the risks associated with your products or services. In an industry characterized by increased costs and regulatory pressures, having the peace of mind that your risks are managed allows you to focus on growing your business.
There are a range of risk management tools, but Errors & Omissions (E&O) insurance is one that you should become well versed on, and be certain you have the proper coverage. It can protect your company against financial injury arising from defects, deficiencies, or the failure of your products or services to perform in accordance with a contract or agreement.
Some typical scenarios when you’d be glad you had appropriate E&O insurance are:
Yes, everyone is aware that they need E&O insurance, but it’s imperative to be clear about your needs, (especially as the company grows), and be confident that should an issue arise that your company will be properly protected.
Should a claim need to be made, some of the features that we think are important in an E&O policy are: choice of counsel, expanded definition of “your services”, flexible approach in handling delay exposures and prior acts, claimant’s costs, and definition of suit.
If you would like to further discuss E&O insurance in detail, specifically the most appropriate policy for your needs, contact Mike Murray. He can be reached at 774-254-0396 or firstname.lastname@example.org.
Mike Murray is a Risk Management Consultant at Provider Group. He works with clients to lower their total cost of risk by employing strategies such as loss control and risk management, including safety training, claims management and alternative risk financing methods. Mike’s area of focus is on Life Sciences companies.